Acadia Healthcare Reports Second Quarter 2021 Results and Increases 2021 Guidance
08.02.2021
Second Quarter 2021 Results
The Company reported revenue of
For the second quarter of 2021, Acadia’s same facility revenue increased 18.0% compared with the second quarter of 2020, including an increase in patient days of 9.8% and an increase in revenue per patient day of 7.5%. In the second quarter of 2020, the Company experienced lower patient days due to the impact of the COVID-19 pandemic and related restrictions, which resulted in a year-over-year decline of 0.7% for the second quarter of 2020 compared to the prior year period. Adjusting prior year patient days for the estimated impact from the pandemic, patient days increased approximately 4.8% for the second quarter of 2021. Same facility adjusted EBITDA margin improved 180 basis points to 29.3%.
Strategic Investments in Long-Term Growth
“Our growth strategy is centered around four distinct pathways that will allow Acadia to reach more patients in both new and existing markets. We are pleased with the progress we have made this year on our strategy, as we have continued to make strategic investments designed to support long-term growth across our service lines. Facility expansions continue to be a key driver of our growth and the best return on investment. Accordingly, we added 86 beds to our operations in the second quarter, which included 72 incremental beds from the opening of a 260-bed state-of-the-art, replacement facility for
“Another important growth opportunity for Acadia is the development of wholly owned de novo facilities, especially in markets with a shortage of beds for behavioral health treatment. On
“We also opened one comprehensive treatment center (CTC) in the second quarter of 2021. We continue to identify underserved markets for the treatment of patients with opioid use disorder and expect to open eight more CTCs this year.
“As health systems across the country look for ways to integrate behavioral health care and expand treatment options, Acadia has developed a favorable reputation as a preferred partner for many leading providers in attractive markets and establishing new joint venture partnerships remains an important pathway for growth. We recently announced a joint venture with
“We also have continued to identify acquisitions as another important opportunity to extend our market reach. Following regulatory approval, we expect to soon complete the acquisition of Vallejo Behavioral, a 61-bed psychiatric hospital in
“We believe Acadia has the right strategy in place to continue to expand our network and meet the needs of more patients. As we look ahead to the remainder of 2021 and beyond, we will continue to pursue our growth objectives through bed expansions, wholly owned de novo facilities, strategic joint ventures and acquisitions,” added Osteen.
Cash and Liquidity
Acadia’s balance sheet remains strong with ample liquidity and capital to invest in and grow its business. As of
During the second quarter of 2021, the Company received approximately
Financial Guidance
Acadia today increased the Company’s financial guidance for 2021 to reflect the strong operating and financial performance for the first six months of the year and its expectations for the remainder of the year, as follows:
-
Revenue in a range of
$2.28 billion to$2.32 billion ; -
Adjusted EBITDA in a range of
$530 million to$550 million ; -
Adjusted earnings per diluted share in a range of
$2.50 to$2.70 ; and -
Operating cash flows in a range of
$275 million to$310 million .
The Company’s guidance does not include discontinued operations or the impact of any future acquisitions, divestitures or transaction-related expenses.
Looking Ahead
Osteen concluded, “We are encouraged by the favorable trends in our business and believe we are well positioned to capitalize on the expected growth in demand for behavioral health services. While the COVID-19 pandemic has brought many challenges, particularly for those people already dealing with mental health and substance abuse, we are encouraged by the heightened awareness of these issues and an increased push for access to treatment. As always, our primary mission is to meet this demand and support the patients and communities we serve. We will continue to focus on providing the highest quality of patient care, while extending our market reach and advancing our position as a leading pure-play behavioral healthcare provider.”
Conference Call
Acadia will hold a conference call to discuss its second quarter financial results at
About Acadia
Acadia is a leading provider of behavioral healthcare services across
Forward-Looking Information
This press release contains forward-looking statements. Generally, words such as “may,” “will,” “should,” “could,” “anticipate,” “expect,” “intend,” “estimate,” “plan,” “continue,” and “believe” or the negative of or other variation on these and other similar expressions identify forward-looking statements. These forward-looking statements are made only as of the date of this press release. We do not undertake to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements are based on current expectations and involve risks and uncertainties and our future results could differ significantly from those expressed or implied by our forward-looking statements. Factors that may cause actual results to differ materially include, without limitation, (i) the impact of the COVID-19 pandemic, including, without limitation, disruption to the
Condensed Consolidated Statements of Operations | ||||||||||||||||
(Unaudited) | ||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
(In thousands, except per share amounts) | ||||||||||||||||
Revenue |
$ |
582,156 |
|
$ |
491,475 |
|
$ |
1,133,355 |
|
$ |
1,000,692 |
|
||||
Salaries, wages and benefits (including equity-based compensation expense of |
|
309,233 |
|
|
275,258 |
|
|
613,566 |
|
|
562,245 |
|
||||
Professional fees |
|
34,696 |
|
|
30,586 |
|
|
66,313 |
|
|
61,637 |
|
||||
Supplies |
|
22,633 |
|
|
21,059 |
|
|
43,955 |
|
|
43,255 |
|
||||
Rents and leases |
|
9,620 |
|
|
9,493 |
|
|
19,032 |
|
|
18,610 |
|
||||
Other operating expenses |
|
73,751 |
|
|
66,171 |
|
|
145,761 |
|
|
134,327 |
|
||||
Other income |
|
- |
|
|
(18,070 |
) |
|
- |
|
|
(18,070 |
) |
||||
Depreciation and amortization |
|
25,650 |
|
|
23,331 |
|
|
50,544 |
|
|
46,166 |
|
||||
Interest expense, net |
|
16,687 |
|
|
38,518 |
|
|
45,714 |
|
|
81,083 |
|
||||
Debt extinguishment costs |
|
- |
|
|
3,271 |
|
|
24,650 |
|
|
3,271 |
|
||||
Loss on impairment |
|
23,214 |
|
|
- |
|
|
23,214 |
|
|
- |
|
||||
Transaction-related expenses |
|
1,675 |
|
|
5,008 |
|
|
6,285 |
|
|
6,534 |
|
||||
Total expenses |
|
517,159 |
|
|
454,625 |
|
|
1,039,034 |
|
|
939,058 |
|
||||
Income from continuing operations before income taxes |
|
64,997 |
|
|
36,850 |
|
|
94,321 |
|
|
61,634 |
|
||||
Provision for income taxes |
|
19,333 |
|
|
9,177 |
|
|
25,537 |
|
|
14,983 |
|
||||
Income from continuing operations |
|
45,664 |
|
|
27,673 |
|
|
68,784 |
|
|
46,651 |
|
||||
Income (loss) from discontinued operations, net of taxes |
|
- |
|
|
14,041 |
|
|
(12,641 |
) |
|
29,130 |
|
||||
Net income |
|
45,664 |
|
|
41,714 |
|
|
56,143 |
|
|
75,781 |
|
||||
Net income attributable to noncontrolling interests |
|
(1,150 |
) |
|
(635 |
) |
|
(1,912 |
) |
|
(1,239 |
) |
||||
Net income attributable to |
$ |
44,514 |
|
$ |
41,079 |
|
$ |
54,231 |
|
$ |
74,542 |
|
||||
Basic earnings per share attributable to |
||||||||||||||||
Income from continuing operations attributable to |
$ |
0.50 |
|
$ |
0.31 |
|
$ |
0.76 |
|
$ |
0.52 |
|
||||
Income (loss) from discontinued operations |
$ |
- |
|
$ |
0.16 |
|
$ |
(0.15 |
) |
$ |
0.33 |
|
||||
Net income attributable to |
$ |
0.50 |
|
$ |
0.47 |
|
$ |
0.61 |
|
$ |
0.85 |
|
||||
Diluted earnings per share attributable to |
||||||||||||||||
Income from continuing operations attributable to |
$ |
0.49 |
|
$ |
0.31 |
|
$ |
0.74 |
|
$ |
0.51 |
|
||||
Income (loss) from discontinued operations |
$ |
- |
|
$ |
0.15 |
|
$ |
(0.14 |
) |
$ |
0.33 |
|
||||
Net income attributable to |
$ |
0.49 |
|
$ |
0.46 |
|
$ |
0.60 |
|
$ |
0.84 |
|
||||
Weighted-average shares outstanding: | ||||||||||||||||
Basic |
|
88,842 |
|
|
87,872 |
|
|
88,543 |
|
|
87,818 |
|
||||
Diluted |
|
90,590 |
|
|
88,608 |
|
|
90,381 |
|
|
88,228 |
|
Condensed Consolidated Balance Sheets | ||||||||
(Unaudited) | ||||||||
2021 |
2020 |
|||||||
(In thousands) | ||||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents |
$ |
185,546 |
|
$ |
378,697 |
|
||
Accounts receivable, net |
|
286,522 |
|
|
273,551 |
|
||
Other current assets |
|
103,558 |
|
|
61,332 |
|
||
Current assets held for sale |
|
- |
|
|
1,809,815 |
|
||
Total current assets |
|
575,626 |
|
|
2,523,395 |
|
||
Property and equipment, net |
|
1,651,274 |
|
|
1,622,896 |
|
||
|
2,103,503 |
|
|
2,105,264 |
|
|||
Intangible assets, net |
|
68,463 |
|
|
68,535 |
|
||
Deferred tax assets |
|
3,145 |
|
|
3,209 |
|
||
Operating lease right-of-use assets |
|
101,691 |
|
|
96,937 |
|
||
Other assets |
|
60,299 |
|
|
79,126 |
|
||
Total assets |
$ |
4,564,001 |
|
$ |
6,499,362 |
|
||
LIABILITIES AND EQUITY | ||||||||
Current liabilities: | ||||||||
Current portion of long-term debt |
$ |
13,281 |
|
$ |
153,478 |
|
||
Accounts payable |
|
87,223 |
|
|
87,815 |
|
||
Accrued salaries and benefits |
|
133,590 |
|
|
124,912 |
|
||
Current portion of operating lease liabilities |
|
19,254 |
|
|
18,916 |
|
||
Other accrued liabilities |
|
171,867 |
|
|
178,453 |
|
||
Derivative instrument liabilities |
|
- |
|
|
84,584 |
|
||
Current liabilities held for sale |
|
- |
|
|
660,027 |
|
||
Total current liabilities |
|
425,215 |
|
|
1,308,185 |
|
||
Long-term debt |
|
1,443,192 |
|
|
2,968,948 |
|
||
Deferred tax liabilities |
|
73,144 |
|
|
50,017 |
|
||
Operating lease liabilities |
|
89,107 |
|
|
84,029 |
|
||
Other liabilities |
|
118,363 |
|
|
133,412 |
|
||
Total liabilities |
|
2,149,021 |
|
|
4,544,591 |
|
||
Redeemable noncontrolling interests |
|
58,394 |
|
|
55,315 |
|
||
Equity: | ||||||||
Common stock |
|
889 |
|
|
880 |
|
||
Additional paid-in capital |
|
2,611,852 |
|
|
2,580,327 |
|
||
Accumulated other comprehensive loss |
|
- |
|
|
(371,365 |
) |
||
Accumulated deficit |
|
(256,155 |
) |
|
(310,386 |
) |
||
Total equity |
|
2,356,586 |
|
|
1,899,456 |
|
||
Total liabilities and equity |
$ |
4,564,001 |
|
$ |
6,499,362 |
|
Condensed Consolidated Statements of Cash Flows | ||||||||
(Unaudited) | ||||||||
Six Months Ended |
||||||||
2021 |
2020 |
|||||||
(In thousands) | ||||||||
Operating activities: | ||||||||
Net income |
$ |
56,143 |
|
$ |
75,781 |
|
||
Adjustments to reconcile net income to net cash provided by continuing operating activities: | ||||||||
Depreciation and amortization |
|
50,544 |
|
|
46,166 |
|
||
Amortization of debt issuance costs |
|
2,463 |
|
|
6,382 |
|
||
Equity-based compensation expense |
|
16,065 |
|
|
10,787 |
|
||
Deferred income taxes |
|
8,457 |
|
|
22,136 |
|
||
Loss (income) from discontinued operations, net of taxes |
|
12,641 |
|
|
(29,130 |
) |
||
Debt extinguishment costs |
|
24,650 |
|
|
3,271 |
|
||
Loss on impairment |
|
23,214 |
|
|
- |
|
||
Other |
|
828 |
|
|
(955 |
) |
||
Change in operating assets and liabilities: | ||||||||
Accounts receivable, net |
|
(12,972 |
) |
|
11,015 |
|
||
Other current assets |
|
(32,056 |
) |
|
(9,029 |
) |
||
Other assets |
|
7,276 |
|
|
1,949 |
|
||
Accounts payable and other accrued liabilities |
|
11,306 |
|
|
40,034 |
|
||
Accrued salaries and benefits |
|
8,823 |
|
|
(1,455 |
) |
||
Other liabilities |
|
(11,121 |
) |
|
26,322 |
|
||
Net cash provided by continuing operating activities |
|
166,261 |
|
|
203,274 |
|
||
Net cash provided by discontinued operating activities |
|
253 |
|
|
61,668 |
|
||
Net cash provided by operating activities |
|
166,514 |
|
|
264,942 |
|
||
Investing activities: | ||||||||
Cash paid for capital expenditures |
|
(112,953 |
) |
|
(114,251 |
) |
||
Proceeds from U. |
|
1,511,020 |
|
|
- |
|
||
Settlement of foreign currency derivatives |
|
(84,795 |
) |
|
- |
|
||
Proceeds from sale of property and equipment |
|
899 |
|
|
43 |
|
||
Other |
|
4,953 |
|
|
(4,847 |
) |
||
Net cash provided by (used in) continuing investing activities |
|
1,319,124 |
|
|
(119,055 |
) |
||
Net cash used in discontinued investing activities |
|
- |
|
|
(20,874 |
) |
||
Net cash provided by (used in) investing activities |
|
1,319,124 |
|
|
(139,929 |
) |
||
Financing activities: | ||||||||
Borrowings on long-term debt |
|
425,000 |
|
|
450,000 |
|
||
Borrowings on revolving credit facility |
|
430,000 |
|
|
100,000 |
|
||
Principal payments on revolving credit facility |
|
(305,000 |
) |
|
(100,000 |
) |
||
Principal payments on long-term debt |
|
(2,656 |
) |
|
(21,242 |
) |
||
Repayment of long-term debt |
|
(2,227,935 |
) |
|
(450,000 |
) |
||
Payment of debt issuance costs |
|
(7,964 |
) |
|
(10,595 |
) |
||
Common stock withheld for minimum statutory taxes, net |
|
13,261 |
|
|
(1,377 |
) |
||
Distributions to noncontrolling interests |
|
(633 |
) |
|
(451 |
) |
||
Other |
|
(6,929 |
) |
|
(854 |
) |
||
Net cash used in continuing financing activities |
|
(1,682,856 |
) |
|
(34,519 |
) |
||
Net cash used in discontinued financing activities |
|
- |
|
|
(1,490 |
) |
||
Net cash used in financing activities |
|
(1,682,856 |
) |
|
(36,009 |
) |
||
Effect of exchange rate changes on cash |
|
4,067 |
|
|
(1,257 |
) |
||
Net (decrease) increase in cash and cash equivalents, including cash classified within current assets held for sale |
|
(193,151 |
) |
|
87,747 |
|
||
Less: cash classified within current assets held for sale |
|
- |
|
|
(44,268 |
) |
||
Net (decrease) increase in cash and cash equivalents |
|
(193,151 |
) |
|
43,479 |
|
||
Cash and cash equivalents at beginning of the period |
|
378,697 |
|
|
124,192 |
|
||
Cash and cash equivalents at end of the period |
$ |
185,546 |
|
$ |
167,671 |
|
Operating Statistics | ||||||||||||||||||||||
(Unaudited, Revenue in thousands) | ||||||||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||||||||
|
|
2021 |
|
2020 |
|
% Change |
|
2021 |
|
2020 |
|
% Change |
||||||||||
Revenue |
$ |
576,170 |
|
$ |
488,259 |
|
18.0 |
% |
$ |
1,121,969 |
|
$ |
996,521 |
|
12.6 |
% |
||||||
|
706,128 |
|
|
643,010 |
|
9.8 |
% |
|
1,375,853 |
|
|
1,294,941 |
|
6.2 |
% |
|||||||
Admissions |
|
46,494 |
|
|
41,009 |
|
13.4 |
% |
|
90,307 |
|
|
84,453 |
|
6.9 |
% |
||||||
Average Length of Stay (2) |
|
15.2 |
|
|
15.7 |
|
-3.1 |
% |
|
15.2 |
|
|
15.3 |
|
-0.6 |
% |
||||||
Revenue per |
$ |
816 |
|
$ |
759 |
|
7.5 |
% |
$ |
815 |
|
$ |
770 |
|
6.0 |
% |
||||||
Adjusted EBITDA margin |
|
29.3 |
% |
|
27.5 |
% |
180 bps |
|
27.9 |
% |
|
25.6 |
% |
230 bps | ||||||||
Revenue |
$ |
582,156 |
|
$ |
491,475 |
|
18.5 |
% |
$ |
1,133,355 |
|
$ |
1,000,692 |
|
13.3 |
% |
||||||
|
712,634 |
|
|
648,518 |
|
9.9 |
% |
|
1,387,125 |
|
|
1,306,520 |
|
6.2 |
% |
|||||||
Admissions |
|
46,974 |
|
|
41,158 |
|
14.1 |
% |
|
91,138 |
|
|
84,761 |
|
7.5 |
% |
||||||
Average Length of Stay (2) |
|
15.2 |
|
|
15.8 |
|
-3.7 |
% |
|
15.2 |
|
|
15.4 |
|
-1.3 |
% |
||||||
Revenue per |
$ |
817 |
|
$ |
758 |
|
7.8 |
% |
$ |
817 |
|
$ |
766 |
|
6.7 |
% |
||||||
Adjusted EBITDA margin |
|
28.5 |
% |
|
27.4 |
% |
110 bps |
|
27.3 |
% |
|
25.5 |
% |
180 bps |
(1) Same facility results for the periods presented include facilities we have operated for more than one year and exclude certain closed services. | |||||||||||||
(2) Average length of stay is defined as patient days divided by admissions. |
Reconciliation of Net Income Attributable to |
|||||||||||||||||
(Unaudited) | |||||||||||||||||
Three Months Ended |
Six Months Ended |
||||||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
||||||||
(in thousands) | |||||||||||||||||
Net income attributable to |
$ |
44,514 |
|
$ |
41,079 |
|
$ |
54,231 |
|
$ |
74,542 |
|
|||||
Net income attributable to noncontrolling interests |
|
1,150 |
|
|
635 |
|
|
1,912 |
|
|
1,239 |
|
|||||
(Income) loss from discontinued operations, net of taxes |
|
- |
|
|
(14,041 |
) |
|
12,641 |
|
|
(29,130 |
) |
|||||
Provision for income taxes |
|
19,333 |
|
|
9,177 |
|
|
25,537 |
|
|
14,983 |
|
|||||
Interest expense, net |
|
16,687 |
|
|
38,518 |
|
|
45,714 |
|
|
81,083 |
|
|||||
Depreciation and amortization |
|
25,650 |
|
|
23,331 |
|
|
50,544 |
|
|
46,166 |
|
|||||
EBITDA |
|
107,334 |
|
|
98,699 |
|
|
190,579 |
|
|
188,883 |
|
|||||
Adjustments: | |||||||||||||||||
Equity-based compensation expense (a) |
|
9,031 |
|
|
5,808 |
|
|
16,065 |
|
|
10,787 |
|
|||||
Transaction-related expenses (b) |
|
1,675 |
|
|
5,008 |
|
|
6,285 |
|
|
6,534 |
|
|||||
Debt extinguishment costs (c) |
|
- |
|
|
3,271 |
|
|
24,650 |
|
|
3,271 |
|
|||||
Loss on impairment (d) |
|
23,214 |
|
|
- |
|
|
23,214 |
|
|
- |
|
|||||
Adjusted EBITDA |
$ |
141,254 |
|
$ |
112,786 |
|
$ |
260,793 |
|
$ |
209,475 |
|
|||||
Adjusted EBITDA margin |
|
24.3 |
% |
|
22.9 |
% |
|
23.0 |
% |
|
20.9 |
% |
|||||
See footnotes on page 12. |
Reconciliation of Net Income Attributable to |
||||||||
Adjusted Income Attributable to |
||||||||
(Unaudited) | ||||||||
Three Months Ended |
Six Months Ended |
|||||||
(in thousands, except per share amounts) | ||||||||
Net income attributable to |
$ |
44,514 |
|
$ |
54,231 |
|
||
Loss from discontinued operations, net of taxes |
|
- |
|
|
12,641 |
|
||
Adjustments to income: | ||||||||
Transaction-related expenses (b) |
|
1,675 |
|
|
6,285 |
|
||
Debt extinguishment costs (c) |
|
- |
|
|
24,650 |
|
||
Loss on impairment (d) |
|
23,214 |
|
|
23,214 |
|
||
Provision for income taxes |
|
19,333 |
|
|
25,537 |
|
||
Adjusted income from continuing operations before income taxes attributable to |
|
88,736 |
|
|
146,558 |
|
||
Income tax effect of adjustments to income (e) |
|
24,583 |
|
|
40,201 |
|
||
Adjusted income from continuing operations attributable to |
$ |
64,153 |
|
$ |
106,357 |
|
||
Weighted-average shares outstanding - diluted |
|
90,590 |
|
|
90,381 |
|
||
Adjusted income from continuing operations attributable to |
$ |
0.71 |
|
$ |
1.18 |
|
||
Three Months Ended |
Six Months Ended |
|||||||
(in thousands, except per share amounts) | ||||||||
Net income attributable to |
$ |
41,079 |
|
$ |
74,542 |
|
||
Income from discontinued operations, net of taxes |
|
(14,041 |
) |
|
(29,130 |
) |
||
Adjustments to income: | ||||||||
Transaction-related expenses (b) |
|
5,008 |
|
|
6,534 |
|
||
Debt extinguishment costs (c) |
|
3,271 |
|
|
3,271 |
|
||
Provision for income taxes |
|
9,177 |
|
|
14,983 |
|
||
Adjusted income from continuing operations before income taxes attributable to |
|
44,494 |
|
|
70,200 |
|
||
Adjusted income from discontinued operations before income taxes |
|
13,313 |
|
|
30,408 |
|
||
Adjusted income before income taxes attributable to |
|
57,807 |
|
|
100,608 |
|
||
Income tax effect of adjustments to income (d) |
|
9,677 |
|
|
15,810 |
|
||
Adjusted income attributable to |
$ |
48,130 |
|
$ |
84,798 |
|
||
Weighted-average shares outstanding - diluted |
|
88,608 |
|
|
88,228 |
|
||
Adjusted income attributable to |
$ |
0.54 |
|
$ |
0.96 |
|
||
(3) For the three and six months ended |
||||
See footnotes on page 12. |
Discontinued Operations Supplemental Financial Information | ||||||||||||||||
(Unaudited) | ||||||||||||||||
|
||||||||||||||||
Statements of Discontinued Operations | ||||||||||||||||
|
||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|||||||
(in thousands) | ||||||||||||||||
|
||||||||||||||||
Revenue |
$ |
- |
$ |
258,836 |
|
$ |
62,520 |
|
$ |
532,429 |
|
|||||
|
||||||||||||||||
Salaries, wages and benefits |
|
- |
|
152,345 |
|
|
35,937 |
|
|
305,674 |
|
|||||
Professional fees |
|
- |
|
28,028 |
|
|
6,815 |
|
|
60,277 |
|
|||||
Supplies |
|
- |
|
9,065 |
|
|
2,217 |
|
|
18,840 |
|
|||||
Rents and leases |
|
- |
|
11,334 |
|
|
2,509 |
|
|
23,041 |
|
|||||
Other operating expenses |
|
- |
|
26,429 |
|
|
6,682 |
|
|
56,802 |
|
|||||
Depreciation and amortization |
|
- |
|
18,114 |
|
|
- |
|
|
36,959 |
|
|||||
Interest expense, net |
|
- |
|
208 |
|
|
10 |
|
|
428 |
|
|||||
Loss on sale |
|
- |
|
- |
|
|
14,254 |
|
|
- |
|
|||||
Transaction-related expenses |
|
- |
|
233 |
|
|
6,265 |
|
|
2,256 |
|
|||||
Total expenses |
|
- |
|
245,756 |
|
|
74,689 |
|
|
504,277 |
|
|||||
Income (loss) from discontinued operations before income taxes |
|
- |
|
13,080 |
|
|
(12,169 |
) |
|
28,152 |
|
|||||
(Benefit from) provision for income taxes |
|
- |
|
(961 |
) |
|
472 |
|
|
(978 |
) |
|||||
Income (loss) from discontinued operations, net of taxes |
|
- |
|
14,041 |
|
|
(12,641 |
) |
|
29,130 |
|
|||||
|
||||||||||||||||
|
||||||||||||||||
|
||||||||||||||||
Reconciliation of Income (Loss) from Discontinued Operations to |
||||||||||||||||
Adjusted Income from Discontinued Operations before Income Taxes |
||||||||||||||||
|
||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
|||||||
(in thousands) | ||||||||||||||||
|
||||||||||||||||
Income (loss) from discontinued operations, net of taxes |
$ |
- |
$ |
14,041 |
|
$ |
(12,641 |
) |
$ |
29,130 |
|
|||||
|
||||||||||||||||
Adjustments to income: |
|
|||||||||||||||
Transaction-related expenses (b) |
|
- |
|
233 |
|
|
6,265 |
|
|
2,256 |
|
|||||
Loss on sale (f) |
|
- |
|
- |
|
|
14,254 |
|
|
- |
|
|||||
Provision for (benefit from) income taxes |
|
- |
|
(961 |
) |
|
472 |
|
|
(978 |
) |
|||||
Adjusted income from discontinued operations before income taxes |
$ |
- |
$ |
13,313 |
|
$ |
8,350 |
|
$ |
30,408 |
|
|||||
|
||||||||||||||||
See footnotes on page 12. |
|
Footnotes | |||||||||||
We have included certain financial measures in this press release, including EBITDA, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted income from continuing operations before income taxes attributable to |
|||||||||||
We define EBITDA as net income adjusted for net income attributable to noncontrolling interests, loss (income) from discontinued operations, net of taxes, provision for income taxes, net interest expense and depreciation and amortization. We define Adjusted EBITDA as EBITDA adjusted for equity-based compensation expense, transaction-related expenses, debt extinguishment costs and loss on impairment. We define Adjusted income from continuing operations before income taxes attributable to |
|||||||||||
We define Adjusted income attributable to |
|||||||||||
The non-GAAP financial measures presented herein are supplemental measures of our performance and are not required by, or presented in accordance with, generally accepted accounting principles in |
|||||||||||
(a) Represents the equity-based compensation expense of Acadia. | |||||||||||
(b) Represents transaction-related expenses incurred by Acadia primarily related to termination, restructuring, strategic review, acquisition and other similar costs. | |||||||||||
(c) Represents debt extinguishment costs recorded during the first quarter of 2021 in connection with the redemption of the 5.625% Senior Notes and 6.500% Senior Notes and the termination of the Prior Credit Facility and during the second quarter of 2020 in connection with the redemption of the 6.125% Senior Notes and 5.125% Senior Notes. | |||||||||||
(d) The Company opened a 260-bed replacement hospital in |
|||||||||||
(e) Represents the income tax effect of adjustments to income based on tax rates of 27.7% and 16.7% for the three months ended |
|||||||||||
(f) Represents the adjustments to the loss on sale recorded in connection with the |
View source version on businesswire.com: https://www.businesswire.com/news/home/20210802005710/en/
Director, Investor Relations
(615) 861-6000
Source: